The ZiG....Zimbabwe's Gold back Currency - Will it Work?

[frankster]

The ZiG is Zimbabwe's attempt to shake of the Effects of Western Interventionist Policies consisting of Currency Manipulation and  20 yrs of Sanctions.

Slave driver the table has turn....B. Marley

 

Zimbabwe Introduces New Gold Backed Currency To Tackle Inflation

[Pioneer1]

I'm glad to see more African nations are deciding to introduce their own currencies instead of trading and doing business in dollars, Euros, and Francs.

I'm not sure if it even needs to be backed by gold.

[frankster]

The Ghost of Muammar's Martyrdom.

They had to do something to create confidence in the currency....as its not their first attempt.

The Surprise is that the US suddenly after 20 yrs of sanctions.....drop most of them - WHY???

[ProfD]

4 hours ago, Pioneer1 said:

I'm not sure if it even needs to be backed by gold.

It shouldn't matter as long as they're using it within the country.

 

Foreign currency exchange would be the only slippery slope when trying to convert their dollars to another currency outside the country. 

 

3 hours ago, frankster said:

The Ghost of Muammar's Martyrdom.

They had to do something to create confidence in the currency....as its not their first attempt.

Right. This was a Gaddafi initiative for all of Africa before they assassinated hIm.

[Pioneer1]

18 minutes ago, ProfD said:

It shouldn't matter as long as they're using it within the country.

 

Foreign currency exchange would be the only slippery slope when trying to convert their dollars to another currency outside the country. 

 

Exactly.
That's what I was thinking about.

It especially works if they intend to produce ALL or as many of their own goods and services as they can.



 

[ProfD]

49 minutes ago, Pioneer1 said:

It especially works if they intend to produce ALL or as many of their own goods and services as they can.

Right. But as long as certain items and materials have to be imported, they have to deal with foreigners willing to recognize their currency.

[Pioneer1]

5 hours ago, ProfD said:

Right. But as long as certain items and materials have to be imported, they have to deal with foreigners willing to recognize their currency.

I don't see a reason why they can't have 2 monetary systems.
One for their domestic use and the other for foreign use.

Or just conduct foreign business in gold.

[frankster]

1 hour ago, Pioneer1 said:

I don't see a reason why they can't have 2 monetary systems.
One for their domestic use and the other for foreign use.

Or just conduct foreign business in gold.

China does that.....Renminbi for local trade and the - Yuan for international trade - yet Chinese claim its only one currency

[ProfD]

The two monetary system is fine too. 

 

As long as the country isn't adversely penalized by the IMF (International Monetary Fund). 

 

The key is to become a self-sufficient and autonomous producer.  Being able to take care of home is a win.

 

Creating a global demand for those products, goods and services would be a power move.

 

I believe the sleeping giant that is the continent of Africa is going to wake up in 20 years or so.

[frankster]

Some say in 40yrs Africa will become fully free and fully awake....becoming and having  the riches economies - so you are more confident than they are?

they are white and trying hard to forestall such eventuality

[ProfD]

19 minutes ago, frankster said:

Some say in 40yrs Africa will become fully free and fully awake....becoming and having  the riches economies - so you are more confident than they are?

they are white and trying hard to forestall such eventuality

If the question is directed at me....yep, I believe the continent will wake up in a shorter period of time than *they* predict.

 

It won't be easy for Africa to do this by themselves especially with foreign nations controlling their resources.

 

As relatively peaceful poeple, Africa will be helped in gaining its autonomy and prosperity. Part of it includes collapse within the current empire.